JAKARTA – Jakarta Composite Index (JCI) is expected to enter a consolidation zone today, Friday (21/2), after correcting on Wednesday and Thursday (19-20/2) to a level of 6,788.04.

Technically, according to research from Phintraco Sekuritas, JCI decline was halted at the 5-day Moving Average (MA) around the 6,785 level. Meanwhile, the Stochastic RSI indicator is currently in the overbought area.

"As a result, we anticipate that JCI may move within a range of 6,725-6,875 in Friday’s trading," wrote Phintraco Sekuritas’ research team today.

Meanwhile, analysts from MNC Sekuritas stated that Thursday’s JCI correction has reached its minimum target, as predicted earlier. At present, JCI is expected to be in the B wave and wave (Y) in the black scenario.

"However, in the short term, JCI is expected to be vulnerable to further corrections to test the 6,723 level first," explained the MNC Sekuritas research team today.

The support and resistance levels for JCI today, according to MNC Sekuritas, are estimated to be in the range of 6,679-6,509 and 6,933-7,046, respectively. (KR/ZH)